5 largest operational risk losses: April 2020

  • 15 May 2020

Do you know which op risk loss events have had the most impact recently? Read on for the 5 largest operational risk losses reported by ORX News in April 2020.

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The ORX News service works by searching global media outlets for operational risk loss events. Our team of multilingual researchers summarise the stories and classify them with the relevant information such as the sector, business line, event type and scenario category. This means you can easily use the service to enhance your scenario generation process, monitor important risk trends and raise awareness of operational risk events.

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Top 5 op risk losses reported by ORX News in April 2020

1. IBK – $86.0m

IBK pays USD 86 million for allowing over USD 1 billion to be illegally sent to Iran. 

Business Line: BL0401 Commercial Banking
Event Line: EL0402 Improper Business or Market Practices

2. Wells Fargo – $35.5m

Wells Fargo to pay USD 33.5 million settling claims it failed to offer loan modifications.

Business Line: BL0301 Retail Banking
Event Type: EL0701 Transaction Capture, Execution & Maintenance

3. Bank Hapoalim – $30.1m

Bank Hapoalim to pay USD 30.1 million for role in FIFA bribery and money laundering scheme.

Business Line: BL0901 Private Banking
Event Type: EL0402 Improper Business or Market Practices

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4. FS – $23.1m

FS ordered to pay CAD 32.8 million by BCSC over selling and unregistered trading of securities.

Business Line: BL0201 Equities
Event Type: EL0402 Improper Business or Market Practices

5. Guaranteed Rate – $15.1m

Guaranteed Rate to pay USD 15.1 million for non-compliance with FCA and FIRREA standards.

Business Line: BL0301 Retail Banking
Event Type: EL0402 Improper Business or Market Practices

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The operational risk year to date

Summary of distribution, frequency and severity of ORX News event digests.

Top 5 April 2020

Download the ORX News top 5 largest losses

ORX News Monthly Top 5 Stories - April 2020

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ORX News is an industry-leading provider of publicly reported operational risk loss events. Financial firms around the world use the service to monitor operational risk losses and understand trends.

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